LIC Jeevan Amar

Let us know about the LIC Jeevan Amar plan in detail.

LIC Jeevan Amar- An Overview

The LIC Jeevan Amar Plan 955 is designed to provide financial security to your loved ones in case of your unfortunate demise. It is a Non-Linked, Non-participating Offline Term Assurance Plan that offers flexibility with two benefit options: Level Sum Assured and Increasing Sum Assured. 

In addition to this, the plan allows you to boost coverage by adding the Accident Benefit Rider. 

Since this plan has been withdrawn and is no longer available for sale, you can check out the LIC New Jeevan Amar plan to secure your family’s financial future. 

Key Features of LIC Jeevan Amar 

The plan provided by LIC includes the following features:

• The Jeevan Amar LIC plan offers the flexibility to select from two benefits: Increasing sum assured and Level sum assured.

• Flexibility to pay the premium once, for a limited time, or throughout the policy tenure.

• The plan provides special premium rates for women.

• Attractive and unique rebates on high sums are assured.

• Accidental Rider benefits are also available that enhance the base coverage by paying an additional premium amount.

• You can choose to receive the death benefit in installments.

Eligibility Criteria for LIC Jeevan Amar Plan

Benefits of LIC Jeevan Amar Plan

Benefits available under LIC Jeevan Amar 955 are:

1. Death Benefit

   The death benefit is paid to the nominee after the policyholder's demise during the policy term. The benefit paid for regular and limited premium payment plans will be the highest of:

   • 7 times the annualized premiums paid or 

   • 105% of the premiums paid till death or 

   • the absolute sum assured to be paid on death. 

   The death benefit for a single premium is defined as: 

   • 125% of the single premium paid or 

   • Absolute death benefit, whichever is higher

2. Death Benefit in Installments

   Under the LIC Jeevan Amar plan, policyholders have the flexibility to receive the Death Benefit in installments instead of a lump sum. This option can be exercised by the Life Assured during their lifetime under an in-force policy, either for the full or partial Death Benefit amount. This option must be selected by the Life Assured while the policy is active. Once chosen, no changes to the chosen option are permitted after the Life Assured’s death.

   Mode of Installment  payment	Minimum installment  Amount (Rs)
   Monthly	5000 /-
   Quarterly	15000 /-
   Half-Yearly	25000 /-
   Yearly	500000 /-

3. Tax Benefits

   The death benefit received under the LIC Jeevan Amar Policy is eligible for tax benefits per the prevalent tax laws. As per section 80C, take benefits are also applicable on the premium payments. 

Enhanced Protection with Rider Benefit

The LIC Accident Benefit Rider can be added to the Jeevan Amar LIC plan by paying an extra premium, if at least five years of the premium term remain. Coverage is available during the Premium Paying Term or until age 70 (nearest birthday), whichever is earlier. In case of accidental death, the rider sum assured is paid along with the base plan’s death benefit. The rider premium can’t exceed 30% of the base premium, and its sum assured is limited to three times the Basic Sum Assured.

LIC Jeevan Amar Policy Details 

• Grace Period – A 30-day grace period is allowed to pay half-yearly or yearly premiums from the date of 1st unpaid premiums. In such cases, the policy shall be considered inactive with risk coverage. In case of non-payment of premiums before the expiry of a grace period, the plan lapses.

• Revival – If in case the premium is not paid within the grace period, then the plan lapses. The policyholder has the option to revive the lapsed policy during the life assured’s lifetime but within 5 consecutive years from the date of 1st unpaid premiums. 

• Surrender Value – No surrender value is available under the Jeevan Amar LIC plan. However, in case of surrendering the LIC policy, the following amount will be refunded as follows: 

  • In regular premium plans, nothing will be refunded. 

  • In single premium plans, applicable refund will be paid during the plan term anytime.

  • In the Limited premium plan, any applicable refund will be paid if total premiums have been paid for at least 2 consecutive years (when PPT <10 years) and 3 consecutive years (when PPT is equal to or more than 10 years). 

• Free Look Period – If the policyholder is not satisfied with the terms and conditions, features, and benefits of the policy, the plan may be returned to the insurer within 30 days from the policy receipt date. 

• Rebates and Loadings – In the Jeevan Amar LIC plan, premium discounts apply for higher Sum Assured under Regular, Limited, and Single Premium modes, based on your age and coverage amount.

  1) High Sum Assured Rebate

  Applicable for Regular, Limited, and Single Premium payments.

  Option I – Level Sum Assured:

  No rebate for Sum Assured below ₹50 lakh.

  For Rs 50 lakh to under Rs 1 crore:

  • Age up to 30: 13%

  • Age 31–50: 11%

  • Age 51+: 6%

  For Rs 1 crore and above:

  • Age up to 30: 25%

  • Age 31–50: 21%

  • Age 51+: 11%

  Option II – Increasing Sum Assured:

  No rebate for Sum Assured below Rs 50 lakh.

  For Rs 50 lakh to under ₹1 crore:

  • Age up to 30: 11%

  • Age 31–50: 9%

  • Age 51+: 5%

  For Rs 1 crore and above:

  • Age up to 30: 23%

  • Age 31–50: 19%

  • Age 51+: 10%

  2) Modal Loading

  • Yearly: No extra charge

  • Half-Yearly: 2% extra on premium

• Policy Termination – The policy will terminate immediately and automatically upon the earliest occurrence of any of the following events:

  • Payment of the lump sum death benefit or the final instalment of the death benefit;

  • Settlement of the Unexpired Risk Premium Value upon policy surrender;

  • Reaching the policy maturity date;

  • Expiry of the revival period without successful policy revival;

  • Payment of the amount under free look cancellation;

  • Policy forfeiture in case any false or incorrect statement is found in the proposal form, personal statement, declaration, or related documents, or if any material information is withheld.

What is Not Covered in LIC Jeevan Amar?

Single Premium Policy:

If the person covered by the policy (whether they are mentally stable or not) commits suicide within the first 12 months from when the policy started, the policy becomes invalid. In this case, the insurance company will only refund 90% of the single premium paid.

Regular/Limited Premium Payment Policy:

If the person covered by the policy (whether they are mentally stable or not) commits suicide within the first 12 months from the start of the policy, or within 12 months after the policy is revived, the policy becomes void. In such a situation, the insurance company will only refund 80% of the premiums paid up to the date of death.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

What are the Documents Required to Buy LIC Jeevan Amar Policy?

To buy the LIC Jeevan Amar Plan policy, one has to provide:

• Identity proof - Aadhar card, voter's card, and passport

• Address proof - Aadhar card, driving license, electricity bill, ration card, voter's card, and/or passport

• Income proof - such as Income tax returns or salary slips

• Health records of the life-assured

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